[rich_sasha]

> (2) A buyer gets matched with that order upon setting their criteria, and has to send a fiat payment [...] to the sellerʼs local account + upload a photo for verification.

It is quite neat... But since you don't handle the cash, how will you deal with fraud? Or even normal bad luck? Bank transfers do get lost and require chasing banks, and you will be out of the loop here.

Also, I guess bank transfers between poorly banked countries are probably a constraint? If I live in a country with hyperinflation, am I definitely able to send fiat to a seller?

AML would seem basically impossible, but I guess that's no different to Binance...

[Shasnani]

Yeah, there's definitely edge cases that make this difficult — though these are the same problems that users may already face on existing P2P exchanges — now we're just getting more involved in the customer service and support :D.

The best risk mitigation here is having trusted, verified sellers that we've met + a robust support functionality that allows users to indicate any issues. To be honest though, in some of these countries, the domestic payment systems (e.g., UPI in India) are quite reliable.

Re AML -- we do KYC, and we discourage / don't present cash as an option. That way the payments happen through more transparent channels.

[ADeerAppeared]

> we do KYC

And what then, is stopping governments from simply demanding you hand over a list of your customers? They will seek to enforce those currency controls you are subverting.

Your entire sales pitch here is based on a lack of transparency to "evil oppressive governments", whereas the US government (at least, once it gets it's shit together again in a few years), will just delete your company for helping the North Koreans evade sanctions if you don't have quite robust AML.